Romney Unveils Details of Economic Plan

NEW YORK ( TheStreet) -- Former Massachusetts Gov. Mitt Romney introduced a plan Tuesday detailing how he would revive the U.S. economy if elected president.

Appearing in Las Vegas, Romney stood on stage in front of a painted American flag and said he would target job growth of 4% a year for the four-year presidential term, projecting to add 11 million jobs for Americans during that span.
Former Massachusetts Gov. Mitt Romney unveiled an important economic plan on Tuesday.

"Middle income Americans ought to have the highest income in the world," Romney said. "It should be good to be in the middle class in America, you shouldn't wonder how you're going to meet your bills."

In an op-ed piece published in USA Today on Monday, Romney wrote that he would introduce a plan with 59 specific proposals, 10 of which would be concrete actions he said he would take on the first day as president.

Romney repeated a few times in the op-ed that government itself could not create jobs, but that it could provide the framework for economic growth to occur.

"Only the individual initiative of entrepreneurs, workers, investors and inventors enables companies, and our economy as a whole, to flourish," Romney said in the article. "The contrast between what the Obama administration has done and what I would do as president could not be starker."

If elected, Romney said he would introduce five bills on his first day in office including a bill to reduce the corporate income tax rate to 25%, a bill to direct the Department of the Interior to survey energy reserves with exploration companies and a bill to cut non-security discretionary spending by 5% and reduce the annual federal budget by $20 billion.

He also said that he would invoke an executive order to end Obamacare, and would also order the Treasury Department to list the People's Republic of China as a currency manipulator. "I'll clamp down on cheaters, and China is the worst example of that," Romney said.

Romney also said he would seek to amend the National Labor Relations Act to better protect free enterprise and halt the National Labor Relations Board from constraining companies from investment decisions -- he specifically highlighted a case involving Boeing ( BA) in South Carolina .

"The right course for America is to believe in growth," Romney said. "Growing our economy is the way to get people to work and to balance our budget."

Romney argued that the way he would save money for the middle class would be to eliminate taxes on savings, interest and capital gains.

Romney said he wanted to get money back in America and criticized the current economic woes and lack of jobs as "the Obama Economy."

"I don't have a text written... I'm not going to be reading. I don't have a teleprompter here," Romney said in a reference to President Barack Obama's opponents who have said the president has too often relied on prepared statements in his speeches.

Romney's economic policy talk came ahead of a major jobs speech Obama was expected to give to a joint session of Congress on Thursday. The date of Obama's speech was moved from Wednesday after House Speaker Boehner complained that it would overlap with an important GOP debate that was slated at the same time on NBC.

-- Written by Joe Deaux in New York.

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